Wednesday, July 28

crypto

Alameda research, Bitcoin, bitcoin as payment, crypto, FTX Exchange, Markets, MI Exclusive, Sam Bankman-Fried

​​29-year old billionaire Sam Bankman-Fried says he got into crypto just to trade-but 2 things quickly made him realize the long-term potential of digital money

Sam Bankman-Fried, founder of FTX and Alameda Research FTX 29-year old crypto billionaire Sam Bankman-Fried told CNBC on Tuesday he initially entered into the industry without a firm stance on the future of digital assets. "I honestly first got into crypto without knowing what I would think of crypto. I got into it because there was good trading there," said Bankman-Fried. The founder of crypto trading firm Alameda Research and crypto derivatives exchange FTX didn't think about crypto's long-term role in the world until he had to send an international wire transfer. After dealing with the cumbersome process he began to realize that current payment rails "are not very good," and can often take months to settle. "I think anyone who's tried to send an international wire tran...
Amazon, Bitcoin, bitcoin as payment, crypto, Crypto assets, Markets, MI Exclusive, Tech, Tech Insider

Amazon rejects speculation about bitcoin payment plans as untrue, but says it’s still exploring crypto

AP Photo/Elaine Thompson Amazon dismissed a report specifying its plans to accept bitcoin and to issue its own token. Speculation around plans for crypto payments by the end of 2021 is not true, the online retailer said Tuesday. But it is looking into crypto developments and what this could mean for Amazon shoppers, it said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Amazon on Tuesday rejected a report that it plans to accept bitcoin payments by the end of 2021, dismissing the widespread speculation around the details of its approach to digital currencies as untrue.Chatter around the US online retail giant's crypto intentions was sparked by CityAM's report on Monday, which cited an Amazon insider as its source. The insider said Amazon is working tow...
Bitcoin, bitcoin short squeeze, crypto, crypto trading, liquidation, Markets, MI Exclusive, short squeeze

Nearly $900 million in crypto shorts were squeezed in a single day as bitcoin surged into the $40,000 region

Bitcoin Nurphoto / Getty Images $883 million worth of crypto short positions were liquidated in a 24-hour span amid bitcoin's rally towards $40,000.Data from Bybt.com compiled by The Block notes that short positions on bitcoin accounted for 81% of the squeeze, with $720 million liquidated. Most of the crypto short liquidations happened late Sunday night as bitcoin's price spiked 10% to break the $39,000 level for the first time in six weeks. Ryan Todd, research analyst at The Block, told Insider that given bitcoin's historically high price relative to past cycles, this liquidation event posted one of the largest total magnitudes of losses in dollar terms for traders who were positioned short bitcoin with margin and futures products. "We've seen this in the past when bitc...
Bitcoin, bitcoin rally, Coinbase, crypto, Markets, MI Exclusive, VanEck

Coinbase spikes 10% as bitcoin rallies back towards $40,000

Coinbase Global watch as their listing is displayed on the Nasdaq MarketSite at Times Square in New York on April 14, 2021. REUTERS/Shannon Stapleton Shares in Coinbase leapt as much as 9.9% on Monday, propelled by a sudden bitcoin rally that has seen the cryptocurrency flirt with the $40,000 threshold. Monday's highs, of around $247, are still substantially down from Coinbase's initial listing range. The VanEck Digital Transformation ETF shot up 11%. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Shares in Coinbase popped as much as 9.9% on Monday, propelled by a sudden bitcoin rally that has seen the cryptocurrency flirt with the $40,000 threshold.Since the company's April debut, the stock has gradually trended down from a high of $429 on the first da...
crypto, cryptocurrency, Ether, Ether ETF, Markets, MI Exclusive

Ethereum founder Vitalik Buterin to be paid in ether for role as monocle-wearing Lord Catsington in Mila Kunis’ NFT animated series’Stoner Cats’

Vitalik Buterin John Phillips/ Getty images Vitalik Buterin plays spirit guide Lord Catsington on the "Stoner Cats" animated series, which needs an NFT to watch. The cast, which includes Mila Kunis, Ashton Kutcher, Chris Rock and Jane Fonda, will be paid in ether. Swearing in the show, which aims to educate people about crypto, was edited out to suit the ethereum founder. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Ethereum founder Vitalik Buterin will play a monocle-wearing spirit guide in "Stoner Cats", a new adult animation series that is crowdfunding using non-fungible tokens (NFTs), according to the show's website. Buterin, who will provide the voice of "Lord Catsington", joins a cast of actors and comedians, including Mila Kunis, Ashton Kutcher...
Binance, Changpeng Zhao, crypto, ftx, Markets, MI Exclusive, Sam Bankman-Fried

FTX and Binance are reducing the amount of leverage offered on crypto trades to protect customers from forced liquidations

Sam Bankman-Fried, founder and CEO of crypto exchange FTX. FTX Official/YouTube Two of the biggest crypto exchanges are slashing the riskiest leveraged bets. FTX and Binance CEOs Sam Bankman-Fried and Changpeng Zhao said their platforms would move to cap leverage at 20 times. Leverage works by multiplying the potential return of a given trade using debt but it can also amplify losses. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Two of the biggest crypto exchanges are slashing the amount of leverage offered to place bets on crypto prices in a bid to protect customers from forced liquidations.In back-to-back tweets on Sunday, FTX and Binance CEOs Sam Bankman-Fried and Changpeng Zhao said their platforms would move to cap leverage at 20 times."In the in...
Bitcoin, crypto, Cryptocurrencies, digital assets, Ether, Ethereum, Markets, MI Exclusive, Regulation, Singapore

In Singapore, 93% of people have heard of cryptocurrency, 66% of the young own some, and more plan on buying, thanks to the nation’s pro-crypto stance, a survey finds

Singapore flag Emmanuel Dunnand/ Getty Images Most Singaporeans are positive on cryptocurrencies, regardless of age, but it is the country's younger population that is adopting digital coins en masse, thanks to pro-crypto regulation, according to a survey by Australia's Toluna, a consumer insights provider. The survey, which polled around 1,000 people, was conducted in May. It showed 93% of all Singaporeans had heard of crypto and 43% owned it, with adoption highest among 26-45 year-olds. 66% of respondents in that group said they owned some crypto. In the US, only 6% of adults said they invested in bitcoin, according to a recent Gallup poll.The Singapore survey showed 59% believed crypto would reach mass adoption, and 50% believed that bitcoin will be worth more than $367,000 by...
Amazon, Bitcoin, bitcoin as payment, bitcoin price, Cathie Wood, crypto, Crypto assets, Cryptocurrencies, Elon Musk, Jack Dorsey, Markets, MI Exclusive, Tech Insider, The B Word

Bitcoin surges 15% to top $38,000, boosted by comments from influential investors and chatter about Amazon getting into crypto

OZAN ​​KOSE/AFP via Getty Images Bitcoin leapt 15% on Monday to rise above $38,000 for the first time in about six weeks, after remarks from influential commentators and a report that Amazon is considering accepting payments in the cryptocurrency helped restore bullish investor sentiment.The coin was trading at around $38,750 as of 3:15 am ET, representing a 33% gain so far this year. It had earlier hit a 24-hour high of about $39,544, its highest level since mid-June.After being stuck in a descending slope for three months, bitcoin broke out at the top end of recent levels following positive comments from leading CEOs Elon Musk, Jack Dorsey, and Cathie Wood at "The B Word" event last week. Tesla CEO Musk said the electric-vehicle maker would be open to accepting bitcoin as payme...
Bitcoin, Bitcoin ETF, Bitcoin ETF delay, bitcoin price, crypto, Crypto assets, Cryptocurrencies, Markets, MI Exclusive, SEC, SEC bitcoin

A bitcoin ETF may not be approved by the SEC until 2023 despite surging interest, according to a fund provider that’s already been through the process

Former Commodity Futures Trading Commission Chairman Gary Gensler testifying before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill on July 30, 2013. Photo by Chip Somodevilla/Getty Images The wait for an SEC approved bitcoin ETF might be longer than most think, according to one fund provider that's been through the approval process.William Cai of Wilshire Phoenix doesn't expect the SEC to approve a bitcoin ETF until 2022 or 2023. "A bitcoin ETF is not on his top priority list as far as we can see," Cai said, referring to SEC chief Gary Gensler.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Anticipation for a SEC-approved bitcoin ETF is high, but investors shouldn't hold their breath as it may still be years away from becoming re...
Binance, Changpeng Zhao, crypto, ftx, Markets, MI Exclusive, Sam Bankman-Fried

Sam Bankman-Fried and Binance’s Changpeng Zhao spoke out on dedicating their life’s work to crypto in an interview. Here are their best quotes.

Sam Bankman-Fried, founder and CEO of crypto exchange FTX. FTX Official/YouTube The CEOs of two of the world's top were both recently interviewed by the New York Times on everything from their personal histories to risk and regulation. FTX's Sam Bankman-Fried spoke on excessive leverage, his company moving out of Hong Kong, and why FTX has a US-only branch. Binance's Changpeng Zhao discussed overactive crypto markets, risk, and his "abundance mindset." Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Sam Bankman-Fried and Changpeng Zhao have had a whirlwind few years. The two crypto exchange founders-running FTX and Binance, respectively-have come up during a once-in-a-generation investment surge into crypto. And their exchanges have been right in the cen...